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Metal Market Faces Less Demand with Sluggish EV Growth in 2024
By Shubhendra Anand , 26 February, 2025
Metal Market Insights
In the era of electric vehicles (EVs), the metal market anticipates growing exponentially in 2024. However, electric vehicle sales fail to affect the metal market. Earlier, the experts' predictions stated that electric vehicles could boost the metal market. Unlike the automotive market's anticipation of electric cars as game changers, its demand is declining gradually. The electric vehicle sales are decreasing despite the transition in the energy sector. The advantage of electric vehicles in the energy sector is their lower carbon footprints.
Green energy transformation aims at net zero emissions by 2050 globally to tackle climate change. The metal market is in a state of uncertainty due to sluggish electric vehicle sales in 2024. In the metals market, essential metals like nickel, cobalt, lithium, and others are performing below expectations. Further, electric vehicle growth in sales is declining due to several factors. The lack of charging infrastructure and the high costs of electric vehicles are affecting the sales of EVs. Therefore, the downward trend of electric cars in the automotive market directly impacts the metal market.
Surveys show that electric vehicles are facing decelerating growth in the automotive market. Hence, the demand for metals like lithium, nickel, and cobalt dropped significantly from the beginning of 2024. China is facing multiple issues in the automotive market, such as EV sales falling in 2024, and further, it is affecting China’s metal market, too. The main reason behind reducing demand for metals is uncertainty in electric vehicles. Therefore, China faces a surplus of electric cars as the market slows. Experts claim that EV sales will face these situations until the charging infrastructure improves and electric vehicle prices are affordable. Moreover, it will affect the metal market in 2024.
Metals trend in the market for 2024:
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Shubhendra Anand
Head Research
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